ART4L: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ART4L
Largest movements
- Cash +€5,488
up €5,488 (+22.8%), from €24,096 to €29,583
mainly Depreciation (+€34,371) and Receivables within one year (+€5,056)
- Receivables within one year -€5,056
down €5,056 (-19.5%), from €25,971 to €20,915
of which Trade receivables: -€5,534
- Tangible fixed assets -€3,328
down €3,328 (-33.3%), from €9,984 to €6,656
- Deferred charges and accrued income -€1,681
down €1,681 (-41.6%), from €4,040 to €2,360
- Intangible fixed assets +€1,498
up €1,498 (+2.6%), from €57,372 to €58,870
- Profit (loss) carried forward -€2,062
down €2,062 (-15.1%), from €13,627 to €11,565
- Gross operating margin +€5,429
up €5,429 (+20.2%), from €26,926 to €32,354
- Depreciation +€4,689
up €4,689 (+15.8%), from €29,682 to €34,371
- Financial charges -€337
down €337 (-67.9%), from €497 to €160
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,462 | €118,384 | -€3,078 | -2.5% |
| Fixed assets | 21/28 | €67,356 | €65,526 | -€1,830 | -2.7% |
| Intangible fixed assets | 21 | €57,372 | €58,870 | +€1,498 | +2.6% |
| Tangible fixed assets | 22/27 | €9,984 | €6,656 | -€3,328 | -33.3% |
| Furniture and vehicles | 24 | €9,984 | €6,656 | -€3,328 | -33.3% |
| Current assets | 29/58 | €54,107 | €52,858 | -€1,249 | -2.3% |
| Amounts receivable within one year | 40/41 | €25,971 | €20,915 | -€5,056 | -19.5% |
| Trade receivables | 40 | €23,485 | €17,951 | -€5,534 | -23.6% |
| Other amounts receivable | 41 | €2,486 | €2,964 | +€478 | +19.2% |
| Cash at bank and in hand | 54/58 | €24,096 | €29,583 | +€5,488 | +22.8% |
| Deferred charges and accrued income | 490/1 | €4,040 | €2,360 | -€1,681 | -41.6% |
| Total equity and liabilities | 10/49 | €121,462 | €118,384 | -€3,078 | -2.5% |
| Equity | 10/15 | €96,970 | €94,907 | -€2,062 | -2.1% |
| Contributions | 10/11 | €83,163 | €83,163 | = | 0.0% |
| Capital | 10 | €83,163 | €83,163 | = | 0.0% |
| Issued capital | 100 | €85,344 | €85,344 | = | 0.0% |
| Uncalled capital | 101 | €2,181 | €2,181 | = | 0.0% |
| Reserves | 13 | €180 | €180 | = | 0.0% |
| Non-distributable reserves | 130/1 | €180 | €180 | = | 0.0% |
| Legal reserve | 130 | €180 | €180 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,627 | €11,565 | -€2,062 | -15.1% |
| Amounts payable | 17/49 | €24,493 | €23,477 | -€1,016 | -4.1% |
| Amounts payable within one year | 42/48 | €24,493 | €23,477 | -€1,016 | -4.1% |
| Trade debts | 44 | €23,629 | €22,613 | -€1,016 | -4.3% |
| Suppliers | 440/4 | €23,629 | €22,613 | -€1,016 | -4.3% |
| Other amounts payable | 47/48 | €864 | €864 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,682 | €34,371 | +€4,689 | +15.8% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €26,926 | €32,354 | +€5,429 | +20.2% |
| Operating profit (loss) | 9901 | -€2,897 | -€2,161 | +€736 | +25.4% |
| Financial income | 75/76B | €78 | €304 | +€226 | +290% |
| Recurring financial income | 75 | €78 | €304 | +€226 | +290% |
| Financial charges | 65/66B | €497 | €160 | -€337 | -67.9% |
| Recurring financial charges | 65 | €497 | €160 | -€337 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,316 | -€2,017 | +€1,299 | +39.2% |
| Income taxes | 67/77 | - | €45 | +€45 | |
| Profit (loss) for the period | 9904 | -€3,316 | -€2,062 | +€1,254 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,316 | -€2,062 | +€1,254 | +37.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.